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Sep 30
Abeona Therapeutics Q3 2025 Earnings Report
Abeona Therapeutics reported a narrower net loss in Q3 2025 as it prepared for the commercial launch of ZEVASKYN, with significant spending increases in SG&A and continued patient demand momentum.
Key Takeaways
Abeona Therapeutics narrowed its net loss in Q3 2025 to $5.2 million amid preparation for the ZEVASKYN commercial rollout. Strong early patient demand, broader payer coverage, and increased SG&A spending marked the quarter. The company ended the quarter with $207.5 million in cash and equivalents, supporting operations for over two years.
Net loss significantly reduced to $5.2 million from $30.3 million a year ago
SG&A expenses surged to $19.3 million, reflecting ZEVASKYN launch efforts
Cash and investments totaled $207.5 million, expected to fund operations through 2027
ZEVASKYN treatment starts shifted to Q4 after assay optimization, with growing patient interest
Abeona Therapeutics
Abeona Therapeutics
Forward Guidance
The company expects strong commercial momentum for ZEVASKYN in Q4 2025, with expanded treatment sites, payer coverage, and sufficient cash runway to support long-term operations.
Positive Outlook
- ZEVASKYN commercial treatments anticipated to begin in Q4 2025
- Three activated treatment centers with more in onboarding
- Payer coverage policies published by major insurers covering ~80% of commercially insured lives
- CMS established permanent J-code for reimbursement, effective Jan 1, 2026
- Cash runway sufficient to fund operations for over two years
Challenges Ahead
- Initial ZEVASKYN patient treatments delayed due to assay optimization
- No commercial revenue reported in Q3 despite product approval
- High SG&A costs driven by launch readiness may continue to pressure margins
- Still early in treatment center activation with only three live sites
- Potential execution risk around ZEVASKYN patient start timelines